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pension freedoms

 

Industry experts have expressed concern about the Government’s confirmation it will legislate to increase the age the Pension Freedoms can be accessed from 55 to 57 from 2028.

Access to advice remains a major concern for Financial Planners four years into pension freedoms, according to new research.

Almost two thirds of Britons surveyed (62%) that had received recent financial advice said they had detailed knowledge of Pension Freedoms, compared to a third (33%) of over-55s that had never received financial advice. 

A record 1m more people will reach the Pension Freedom age of 55 his year and this ‘peak’ will last for several years, according to new analysis.

It will be no surprise to those of you that know me, or at least read some of my blogs last autumn, that I’m not the biggest fan of default investment pathways, especially when it comes to SIPPs, and most definitely when advisers are involved.

A new survey for online platform and SIPP provider AJ Bell on the 5th anniversary of the Pension Freedoms suggests withdrawals have been falling year on year.

We all know that annuity sales have been in decline for some time with the rise in popularity of drawdown under the Pension Freedoms and the poor value they are perceived to offer.

Pension savers who were overtaxed on Pension Freedom withdrawals have been repaid £535mm by HMRC since 2015. 
New figures published today by HMRC show that a total of £30bn has been withdrawn ‘flexibly’ from pensions, taking advantage of the new ‘pension freedoms’ introduced in 2015. 

AJ Bell has launched a retirement income solution to help financial advisers manage clients taking income in retirement. 

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